Parents of College-Bound Children - Are you holding up your end of the bargain?

If you have a high school senior, this can be a stressful time of year. By now, most seniors have heard from most of the colleges they've applied to about whether or not they got 'in.'

But now, more than ever, another letter is being eagerly anticipated - the award letter from the financial aid office.

If you didn't plan, these award letters can be crushing, when a student learns that she can't go to her top choice college – after working her tail off for years, loading up her schedule with AP's, club memberships and extra-curriculars.

She held up her end of the bargain, but mom and dad didn't - they didn't look into what college really costs and how they'd afford it.

Those that planned are being rewarded this year. Yes, the economy has caused some colleges to be a little stingy with aid, but overall, this has been a very strong year for financial aid packages.

If you've got a college-bound sophomore or junior, the time is NOW to get serious about how to pay for college.

You wouldn't buy a car without knowing the sticker price, why go "shopping" for college without understanding the costs and looking into how to cut those expenses.

Record numbers have applied for aid this year; next year it might be even worse – more families chasing fewer financial aid dollars.

Here are some questions to ask each college you are considering:

· What percentage of "Need" do you meet?

Most financial aid is based on "Need," calculated by the Federal Financial Aid formulas. The greater your Need, the more aid you should receive. However, the percentage of Need met by each university varies greatly. The schools with the biggest endowments typically are the most generous.

· How is Need met?

Financial Aid packages include free money – grants and scholarships - that does not have to be repaid, and loans, which require repayment.

Typically, the colleges with the largest endowments award a greater percentage of free money than loans. You’ll want this information before you apply.

· What are your deadlines?

Some colleges have early deadlines. You want to be among the first application, since money can be doled out first-come, first-served. Last month, we had a student who was offered a $1,000 "Early FAFSA" scholarship simply because we got his forms a few weeks early!

Of course, there are many other factors that go into your college plan - this is just the tip of the iceberg.

If you are the parent of a high school sophomore or junior, it’s time to make college planning a top priority. Before you know it, it will be April of your student’s senior year and you’ll be hoping for good news to arrive in your mailbox!

Andrew Lockwood and Peter "College Pete" Ratzan co-authored the book, Never Pay Retail for College. His firm sponsors free community workshops on college funding. Visit www.CollegePlanningAdvice.com for more information.